G7 leaders will outline a strategy for global cooperation in the digital asset sector in May to increase cryptocurrency transparency and protect users.
According to Kyodo News , the group of the world's seven largest economies (G7) will outline a collaborative strategy to increase transparency in the crypto space and enhance user protection, as well as deal with cryptocurrency issues. potential risks to the global financial system. This year's conference is scheduled to take place in Hiroshima in mid-May 2023.
Among G7 members, Japan has regulated cryptocurrencies, while the European Union's Cryptocurrency Asset Market (MiCA) regulation will come into force in 2024. The UK is developing. Its own framework with a special category for crypto assets on tax forms was introduced recently, and plans for a digital pound are underway.
In Canada, the Government of this country officially XEM digital assets as securities, and the US is currently applying the current financial regulations to cryptocurrencies, with some predicting the regulatory framework from lawmakers will continue. to be rolled out in the coming months.
Parallel efforts on standards for digital assets are being carried out by the Financial Stability Board (FSB), the International Monetary Fund (IMF), the Bank for International Settlements (BIS), group 20 The world's largest economy (G20) was announced in February 2023 during a meeting in Bengaluru, India.
Recommendations on the regulation and supervision of global Stablecoin , operations and crypto-asset markets are expected to be released in July and September. However, the overall view of the recommendations is unclear. what will be.
In February 2023, the IMF released an action plan on crypto assets, calling on countries to abolish legalization for the currency, typical of the fierce opposition since the El Salvador officially accepted Bitcoin as a currency in September 2021.
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